Brian
Jul 26, 2003, 2:34 PM
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Change in law re: capital gains upon sale of real estate??
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We have begun the search for a home in San Miguel after many years in Baja California. A well established realtor has told us that a new policy is being exercized throughout all of Mexico by notarios publicos in determining payment of capital gains. In the past, a foreigner with an FM3 could escape capital gains if proof was demonstrated that the property had been his/her primary residence for the most recent two years. Proof generally consisted of showing the notario paid utility bills etc. Now, she says, one must have an FM2 in order to receive the benefit. I told her that I had just closed a place in Tijuana two weeks ago without paying capital gains and she was firm in saying that the new policy/interpretation was nationwide and not only in San Miguel. Has anyone heard anything about this? At a minimum, it will influence our decision to reup with a new FM3 or pursue the slightly more costly and restrictive FM2. TIA
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